ATOM has been performing well despite the rocky road BTC is paving. In its previous breakout, ATOM formed a cup & handle pattern which resulted in a strong breakout. It looks like ATOM is performing a similar pattern which began at the end of Oct 2021.
- It dropped from a high;
- It paused when it dropped from the high which rounded the bottom of the cup;
- It is re-testing the high at the beginning of the cup; and
- The volume on the right side of the cup is on average lower than on the left
A small retrace in price can occur to either the 78.6 or 61.8 levels followed by a breakout to complete this bullish pattern. In the event of a strong breakout ATOM could make its way to the 161.8 fib forming a new ATH.
On the other hand, ATOM could do what NEAR token is doing and simply keep moving up and breaking its resistances with ease.
Never buy at an ATH.
Which scenario do you think is most likely?
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
- It dropped from a high;
- It paused when it dropped from the high which rounded the bottom of the cup;
- It is re-testing the high at the beginning of the cup; and
- The volume on the right side of the cup is on average lower than on the left
A small retrace in price can occur to either the 78.6 or 61.8 levels followed by a breakout to complete this bullish pattern. In the event of a strong breakout ATOM could make its way to the 161.8 fib forming a new ATH.
On the other hand, ATOM could do what NEAR token is doing and simply keep moving up and breaking its resistances with ease.
Never buy at an ATH.
Which scenario do you think is most likely?
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.